Nevada County picayune., 1887-12-07
JEFFERSON ON PAPER MONEY,

'I am sorry to see our loans be. gin at so eXorbltant an interest And yet even al that, you will soon be at the bottom of the loan bag We are an agricultural nation. Such an one employs it's Sparipgs in the purchase, or Improvement of land or stocks. The lendable money among them. is chief, that of orphans and wards, in the hands yOf executors and guardians. and that which the farmer lays by till he has enough for the purchase in view. In such a nation there iS one and one only, resource for loans, sufficient to carry them through the expenses of war;a, q that will always be sufficient. an,I in the power of an honest govern :. ment, punctual in the prescrva. ton Oflts faith. The fund l mean. is the mass of circulating coin. Every one knows, that although not literally, it is nearly true, that every paper dollar emitted ha
 ishcs silver one from inc circu. lation. A nation, therefore, mak ing it's purchases and payment. with bills fitted for circnlatioo, thrusts an equal sum of coin cat of circulation."-Jef Jefferson's works. Vol. VI. P. 139.
 "In this way, 1 am not without hope, that this great, this sole re. source for loans in an agricultural country. might yet be recovered for the use of the nation during war; and, if obtained in perpetu, um, it would always be sufficient to carry us through any war; pro. vided, that in the interval between war and war, all the outstanding paper should be called in, coin be permitted to flow in again, and to hold the field of circulation until another war should require it's yielding place again to the national medium."-Jefferson's works, Vol. VI, P. Al.
 "Bank paper must be suppress ed, and the circulating medium must be restored to the nation to whom It belongs. H is the only fund upon rhieh they cda rely FOR LOANS; it is the Onl y resource which can never fail them. and it is an abundant one for every nee. essary purpose. Treasury bills. bottomed on tares, bearing or not bearing interest, as may be found necessar thrown into circulation will take the place of so much gold and silver, which last, when crow ded. will find an eftlux into other countries, and thus keep the quan. tum of medium at it's salutary lev. el."-J Jeffersons works, V. 6, p. l99.
 i've are now without any medi. um; and necessity, as well as patri otism and confidence will make Us eager to receive treasury notes. if founded On specific tdres."-Jeffer. sons works, Vol. VI. F. 3S2
 "But Congress could then have issued treasury notes, payable within fixed period, and founded on a specific tax, the proceeds of which, as they come in, should be exchangeable for the notes of that particular emission only. ."-J effer. sons works, Vol VI, P. 3S2.
 "Treasury notes of small as we'll as high denomination, bottomed on a tax which would redeem them in ten years, would place at our disposal the whole circulating me- dunn of the United States: fund of credit sufficient to carry us through any probable length of war. ."-J efferson's works. Vol. VI. P. 4l9.
 ''In both cases, the truth Is, that capital may be produced by indus i try, and accumulated by economy; but jagglers only propose to create it by legerdemain tricks with pa. per. "-J effersOn's works, v.6, D 24l.
 sThere is indeed convenince in paper: it's easy transmission from one place to another. But this may be mainly supplied by bills of Exchange, so as to prevent any great displacement of actual coin. Two places trading togeth- CT balance their dealings, for the most part, by their mutual sup. plies, and the debtor individuals of either may, instead of cash, re- init the bills of those who are cred. itors in the same dealings; or may obtain them through some third place with which both have deal. ings. The cases would be rare where such bills could not be Ob- tained either directly or circnt- ously, and too unimportant to the nation to overweight the train of evils flowing from paper circular i ton. -J Jeilerson's works, V. 6, p 237
 And it is for this petty addition to the capi- tai of the nation, this minimum of one dollar, dded to one hundred and thirty three and Il third, or three fourths per cent, that We are to give up our gold and silver medium, its intrinsic solidty, its universal value, and its saving powers in time of war, and to sub stituto for it paper. with all its train of evils, moral, political and physical, which l vii! not pretend to enumerate. .'--Jeiierson' s works, Vol VI, P. 236.
 .'The bankruptcies in London, have re- commenced with new force There is no saving where this fire will end perhaps in ti.... ..E ll tL..;.